Monday, March 16, 2015

There was some concern that the snow would affect tax collections for February, but the state is saying that is not the case.

According to a release, tax collections actually exceeded the budgeted estimates for February with overall revenues for the month coming in at $787.2 million, which is $25.8 million more than the
state budgeted.

“Sales tax
collections in February marked the seventh consecutive month this fiscal year
in which collections exceeded budgeted expectations,” Department of Finance and Administration Commissioner Larry Martin said.“As a result of a one-time event, Franchise
and Excise tax collections were also above expectations.

“The renewed
strength in our sales and corporate tax collections is an indication of an improving
economy in Tennessee.However, more than
half of our annual corporate collections materialize April through June, so
we’ll continue conservative spending and monitoring revenue activity.”

The general
fund was over collected by $13.1 million and the four other funds were over
collected by $12.7 million.

Sales tax
collections were $17.9 million more than the estimate for February.The February growth rate was positive 7.6 percent. The
year-to-date growth rate for seven months is positive 6.86 percent.

Franchise and
excise taxes combined were $7.3 million above the budgeted estimate of $42.8
million. For seven months revenues are over collected by $165.2 million. The
year-to-date growth rate for seven months is positive 29.41 percent.

Gasoline and
motor fuel collections for February increased by 8.71 percent, and were $3.8 million above
the budgeted estimate of $66.3 million. For seven months revenues are over
collected by $14.5 million.

Tobacco tax
collections were $3.3 million under the budgeted estimate of $21.5 million. For
seven months revenues are under collected in the amount of $5.9 million.

Inheritance and
estate taxes were under collected by $1.9 million for the month. Year-to-date
collections for seven months are $12.0 million more than the budgeted estimate.

Privilege tax
collections were $2.6 million less than the February estimate, and on a year-to-date
basis, August through February, collections are $2.4 million above the
estimate.

Business tax
collections were $4.5 million above the February budgeted estimate, and for
seven months collections are $18.3 million more than the budgeted estimate of $20.6
million.

Year-to-date
collections for seven months were $369.7 million more than the budgeted
estimate. The general fund was over collected by $336.5 million and the four
other funds were over collected by $33.2 million.

No comments:

the glass is usually half empty

My name is Mike Donila and I'm a reporter with WBIR in Knoxville, TN. I cover government. All politics is local, and mostly ridiculous. Travis Fain of Lucid Idiocy said that. He's a smart guy. This is my blog. The content ranges.